Author Question: Journals, Inc. purchased 800 of supplies on account on May 3. On May 28, it paid 500 of the amount ... (Read 80 times)

mrsjacobs44 · **on:** Jul 5, 2018

Journals, Inc. purchased 800 of supplies on account on May 3. On May 28, it paid 500 of the amount it owed for supplies. The May 28 journal entry to record the payment is a debit to ________.

A) Supplies expense of 500 and a credit to Cash of 500
B) Accounts payable of 500 and a credit to Cash of 500
C) Supplies expense of 500 and a credit to Accounts payable of 500
D) Supplies of 500 and a credit to Accounts payable of 500

Question 2

There is no difference between the recording of cash sales and the recording of MasterCard or VISA sales.
a. True
b. False

Indicate whether the statement is true or false